Katanga amends facilities with Glencore to extend maturity, lift size

By Jennifer Chiou

New York, Nov. 26 – Katanga Mining Ltd. announced that it has extended and increased its loan facilities with Glencore Finance (Bermuda) Ltd.

According to a news release, the company extended its term loan facility to Jan. 1, 2021.

In addition, the company increased its senior secured credit facility agreement to $2.97 billion. This amount includes the existing $515.5 million senior facility and all outstanding Glencore International AG prepayments to Katanga’s subsidiary, Kamoto Copper Co. SA, plus accumulated interest.

The company said that there is $50 million of funding also included, which is intended to be made available according to cash flow requirements of Kamoto based on the approved budgets for its phase 5 expansion and power project.

The maturity date of the senior facility has also been extended to Jan. 1, 2021.

Katanga Mining operates a copper and cobalt mining complex in the Democratic Republic of Congo. The company is based in Zug, Switzerland.

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